>> yeah, first the path behind us is prudent financial management. how we created a real valuable platform. and you see the first expression on the device we released today, blackberry 10 an blackberry q10. we believe we have a good play on the market globally. and regaining market share. and take the new dimensions computing and vertical to think about transport and automotive. so yeah, it is about a long time value creation and rebuilding profitability of the company and exploring new horizons as well. >> you you said earlier, this is going to talk 18 to 24 months. you will keep selling blackberry 7 into emerging markets. i want you to zero in and nokia had trouble ever getting much

market share here in north america. motorola had trouble and they are android. how can you succeed when others have not? >> i think the key is in the difference the platform. we are just not another android. er with not another windows 8. we are something different. something special. that allows us to build our own experience, as you see with the peak, hub and flow. we have taken the experience off the smart phone to a whole new level, with the multitasking and i think both consumers and enterprise, and not to forget about the balance of the corporation. it is truly different and unique and that will give that device and blackberry its position in the market. >> brian, i know you are a few months late about the direction of blackberry stock. i understand have you questions? >> yeah, we both do. thorsten heins, thank you for

sitting down with us in the studio. if you have wild success with the blackberry 10, do you have production to meet demand? >> so what i did with my chief operating officer, i actually challenged a little bit and said, let's build a little bit more because the demand that we are seeing, coming in and having acceptance, is quite encouraging. so we have the supply in place and manufacturing in place and so we can fill the lines and keep them running. >> i would like to question you further on the market shares. three years ago you had shared market share of 20%. three years ago 40%. now both of those single digits. what kind of market share do you see in three years time from now? >> we have our plans that we want to achieve in terms of market share and units being

sold. we run our business plans. but what we look at first is what frank and i have introduced as net promotor score. we want to understand is blackberry creating the wave of recommendation. is that dynamics that people move ton blackberry even from other systems. well use the measurement as key kpi in first weeks to see how that is going then see how it merges with our own financial and unit prediction. >> maybe you can talk for a moment about alicia keys coming on as creative director. how serious a role is that? we saw will.i.am come on. how much of her time, because he is busy, will she be devoting to blackberry? >> alicia keys will do this in project ownership. she will get resources assigned

to her from blackberry and other partners to run it. she is very committed to keep it moving. she lives that life that blackberries users have. she is always on the go. she doesn't have just one business, she has several businesses. she has family. >> does she have stock? >> we won't talk about this yet. she want to solve the problem of what she called work/life balance. i think with blackberry and blackberry balance as future, we have the perfect set up for her to do this for us. also what we want to do is, i get this question of consumers versus enterprise. i think that is blending. this is what bring your own device shows us. she can help with her position as businesswoman and private person. to really blend these together. >> thorsten, the play book, hardware was great. did not sell anywhere nearly as hoped. what are your plans for the

tablet market? >> so the tablet market is something that has special roots at the moment in my view. you have to look at it from a profitability perspective and what the business models that are out there. the way i look at the tablet market, we will continue to be in it. however what i want to do is kind of dot same game play as with the blackberry 10 product opinion be good and really good in consumer when i do this. and have a service around it that has a position going just yornd the pure hardware price. making money on the tab set lifl. >> so if i could follow up, you say the same as blackberry 10. does that mean you will scrap the play book entirely and start over with a new tablet? >> no. what we will be doing, the teams working on this, we will take it the other way around. we will provide blackberry 10 updates for all play books out

there. all upgradable it blackberry 10. >> one quick question. to what extent are you looking to get partners to win this with blackberry 10. it is much awaited. how many other carriers will you bring on board to get this to the finish line? >> i don't understand the question. are you asking about carriers -- >> carriers, to develop the system and are you looking to get outside help with this? >> yes. so as i think we said before, we have blackberry 10 now in the lab with more than 150 partners. you heard roll-out this morning. going with next days in canada, uk, middle east and working with our key partner to speed up the process to get it into consumers as soon as we can. but support is strong. it is global support.

all across the globe. and you know, we are ready to deliver against that demand. >> thorsten heins, ceo of research in motion, soon to be ceo of blackberry. as always, great day at work. thank you. >> up next, the other really big story, and that is the big decision is just minutes from now. we have an all-star panel ready to break down the information for us. have you ever seen such a nice pan snell they are coming your way next. ...and the return of life lived large. ♪

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we are moving dot down side today. about 65% of the time the market does move higher. we are waiting for the 14,000 mark on the dow. we are waiting to see what fed says. we may or may not make it there. >> i'm waiting for 14,000 soesh logically. let's bring in our panel. diane, as is our trend here, ladies always first. do you expect an even bigger surprise for the fed today? >>, i don't. i think the key issue is how they characterize the economy.

it can have its own self fulfilling prophecy but they are also very concerned in the beltway that sequestering will go forward. the consequence us is iy high they will move forward with spending cuts. very aggressive ones on march 1 and that will have, in addition to the fiscal drag, higher taxes. that will hurt the economy which may have to prompt the fed to do more. how they characterize the economy is critical. as i said, they are cognizant about it not be a self fulfilling prophecy. also, esther george is voting and she will be with her predecessor from kansas city this time around as well. >> when you consider the huge reaction and the discussion of how hawkish the minutes are, they are try to get it very, very straight. >> i think they talk about it the last several days. i'm not sure we will see much in terms of the announcement of the

minutes. i think they recognize that all asset markets are artificially priced and dependent on the ability of their monetary policy but the time that it takes to do so and how long the fed stays low and how long it takes to get to 6.5% unemployment are the relative questions for the market today. we think it'll be a few years at least -- >> federal open market committee decides to keep funds rate at 0 to quarter percent an anticipate this low range of the fed funds rate will be appropriate at least as long as unemployment rate remains above 6.5%. in flags between one and two years ahead, no more than the committee's 2% longer run goal with longer term inflation expectations continuing to be anchored. continuing to purchase mortgage backed security at a pace of $40

billion per month and the committee is maintaining its existing policy of reinvesting principle payment from agency debt and mortgage backed security in agency back security and rolling over maturing treasury securities. if the outlook fot labor market does not improve substantially, the committee will continue its purchase of treasury and agency mortgage backed securities and other policy as appropriate until such aprovement is achieved in the context of prooi price stability. information since the last meeting suggests that growth and economic paused in recent months in large part because of weather related disruptions and other factors. employment has continued to expand at a moderate pace but household spending and business advance and housing sector has shown further improvement. inflation has been running somewhat below committee's longer run objective apart from

temporary variations that largely reflect fluctuations and energy prices. longer term inflation expectations remain stable. there is appropriate policy accommodations, economic growth proceeding at a moderate place, gradually declining towards levels and consistent with dual mandate. all those global financial markets easing somewhat. the committee continues to see down side risks of economic outlook. there was one today policy action voting against the action esther george, concerned that continued high level of monetary accommodation increasing the risk of future economic financial and imbalances and over time could cause an increase in long-term inflation expectations. this is hampton pearson reporting live from the treasury department. >> all right, david kelly. put the two side by side and go through word for word. but what is hampton reporting, looks like this is very similar to the last fed statement w got, except for the weather part

quote pausing the economy. is that the reason when we add contraction a tenth of percent that the stock mark set not down 3 or 400 point today? >> yeah. i think that's part of why -- i think the stock market looked into the gdp number and realize fed you look at inventory decline, part was big decline in farm inventory which is weather related and look at numbers and 1/10 percent. i think the market absorbed that. i don't think this statement will be any surprise. they can't afford to change language at all here. they're beginning to move up and anything they say that suggests that they may back off this new qe infinite here could cause rates it back up more. i think they are very careful ton change language. ey are clearly sticking to it. >> got really good reason, mandy, to maintain policy.

i don't think upward spending will be falling at the clip we got in the fourth quarter. but we got a 5 visit today from the ghost of christmas future. i think it is fair it say government spending will be declining. this will have a profound effect on gdp numbers. picking up on what diane was saying, and not knowing what the future holds, how much sequestering will be there, i think a steady as she goes course is what bernanke is going to steer. and i think also when the decision is made, it is likely a decision of more government cuts rather than less and ultimately it is okay for the fed to what david was saying to disagree with david, it is all right for the fed to lean against what the government is going to be doing to the economy in coming months. >> i was going it quickly ask you because the market did turn positive. back down negative again. but while hampton was speaking, it did turn positive. what do you think is participant

markets from this. >> i think steady as she goes and there is a lot of good commentary after the minutes and minutes were over and done in terms of hawkishness. i think the disagreements have to do with the second part of third quarter or early part of the fourth. has to do with when the fed begins to taper but i believe this is an important transition in the market's mind towards following the unemployment rate and not calendar date. and all this rhymes nicely, doesn't it? >> it does. bill gross, i don't know if you can rhyme this one. but when that gdp number came out, lowest since second quarter of 2009, i believe. why aren't people moving around with their hair on fire? >> some of us don't have that luxury. >> it is happening many times. >> is this backward looking? >> you get my point though, right? >> a big deal. >> let the guy with hair talk

about what's on fire and that certainly is not the economy. i mean, there are some weather-related effects in the fourth quarter that are observed but in the past 12 months when you take the seasonals out of it, gdp is growing at 1.5%. it is a new normal. and it shows no attempt at this moment to rise above 2%. we would be dependent upon the fed, dependent upon purchases in terms of qe for a long time. as steve mentioned, several hours ago, you know, there are other factors in addition to 6.5%. we are talking about the participation rate. we are talking about hours worked. chairman will blend all of that in terms of a future forecast into our way of thinking, it means at least 2015 before something changees. >> were you watching screens yesterday, bill? we were saying this yesterday where this is new normal.

we are just satisfied -- we actually have to take a quick break. >> we have to take a quick break, then we will come back to chat. bill wants it rise above there. >> important question for bill coming up. >> hold that yes for you. that's the best tease we could give you. here is a so-so tease. no, actually a great tease. more from our all-star panel. plus, did boeing know more about the bad batteries than they are letting on? that's a good tease too. digging in. >> the u.s. economy post a surprising drop. gdp contracted in the fourth quarter of 2012. first time it shrunk in more than three years. historically gdp has been a roller coaster. find out when the biggest drop and gain occurred. next. [ wind howls ]

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world war ii jolted the economy. gdp jumped more than 18% in 1942. >> let's bring back our all-star panel. david gross, diane kelly, steve liesman and rick santelli. since we made you hold your breath before you asked the burning question, now you may spit it out. >> had to loosen my tie hold yi my tie. what is your expectation for fed lending and 76% believe the fed will taper qe. do you have a date for when you believe that begins and do you take action about the bond market ahead of that taper? >> well, we do have a date. we think that qe tapers down, steve, in 2014. early/mid 2014. it's got another 12 months. we think that yes, rate, the yield on reserves at 25 basis

points is 2015 type of phenomena and do bond investors move ahead of that sni think they have and we have. and what you do, or basically what we've done, is sell longer term security. fed is doing reflaionary. but the five-year treasury moved up 20 to 30 and that is more dependent on the policy rate. yes, stay to the front end of the curve in anticipation of higher inflation. >> bill, i don't want it get too technical but there is a way for people it play the scenario you are talking about. that's to get in on the swap side of long-term security. people are swapping long-term for short term and have you a relatively high interest rate but keep your duration risk low. >> yeah, you do. that the same thing as accepting a swap spread. what an average investor can do

is sell those securities and buy something shorter term. and it accomplishes the same thing. swap mover is limited to most part to corporations. >> and people do that with short duration but relatively high interest rates, relative to the duration they are taking and this gets you out of the way of playing the fed game. >> let's talk about higher rates, diane. listen, in 193, you had the ten-year bottom out. a year later we were more than 200 basis points or 2 percentage points higher. a dramatic turn and shock to the bond market. we are well off our 1.4s. have we seen that turn again? are these -- have we seen the lows of ten-year for our life times? >> i don't think so. i think the real risk and fed is vague on how they characterized it. but steve made the point as well. we will see major spending cuts coming through sequestering. that is something the fed has to deal with. that not only means weaker

growth which justifies lower rates but also fed action. i believe this is 2014 "onq"e. although the controversy about the minutes, reality is charlie evans has a strong and swain roll at the fed now. he wants to do more already and he will have a very swaying vote and convince people and ben bernanke is willing to do more. the problem is, doing more is really -- they are limited on the margin but they have to do more if we see a cut in spe spending, cut very dramatically. >> rick santelli, same question to pup what do people tell you on the floor? and we have seen lows and rates for our lifetime? >> the most common conversation on the bond floor and bill could probably verify some of this is that you are roughly down close to 2% on treasuries for the month of january. so year to date. you are off what, between 5 and 6% on equities. a spread of 7% is a tough

momentum sector trade to even have a gdp number reversed immediately. i think you need to keep that in mind as far as the statement. biggest move eyewitness as you see opt chart, dollar index gave up ground. that is so logically considering what fed is doing. if you went from 5s to 10s to 30s. we went to 88 and 5s being a magic number, now back to 2% at 10 and 321 to 318 back to 39 on 30. you are still hovering around very important levels. but most guys down here, even though we had a record treasury day in put the day before yesterday. they are not sure you will see a straight shot up up. snrs let's see what this means to investor david kelly. where do we go from here? how do we invest on the back of this. >> i agree the fed will stay over easy probably through 2013. maybe even 2014.

but in the end, they will lose control at the long end of the bond market. as the economy improves, and i think it'll, i'm not sure we will get sequestering, i think there a lot of political wrangling. i expect long-term rates to go up and the fed cannot control that unless they do more quantitative easing which i i think would be very unwise mp as an unvestor. do a little overweight. if you don't have big tail risks out there then the value of stocks and bonds still says you should be over with equities right now. >> all right. bill. david. diane. rick. and steve. thank you all very much. >> next up, the black gold and blood edition of street talk. >> and herb says one gadget that we all own will soon go the way of the dodo. the new buggy and "street signs" is back in a moment's time. sorry for that.

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and it is street talk time. first of all, a stock we have been talking a lot about recently. herbalife. >> yeah. no real news out here today but the fight continuees. yesterday late in the day we

learned this. that herbalife registered a bunch of internet domain names with bill ackman's name in there. right here, clearly stealing for a battle with ackman. let's be honest, it is bad optics. ackman winning his bid, the stock down about 8% year to date. >> next one we have is exxon with a cut. >> how do you pronounce that? is that an aussie bank? >> i think americans pronounce it macquarie. snrs it is believed that they will struggle to grow production but this is what is interesting. maybe as an aussie, you can help me understand this. they cut the target from 91. the stock is at $90.78. so they still show 8 plus bucks of upside even on downgrade. >> even on downgrade. go figure. even the aussies a bit confused by that one. is the biggest gainer, is it not

be on the nyc. >> one of the biggest gainers, up 14.4%. yeah, fourth quarter loss bigger than projected but the stock is soaring because the company says sales going forward will trounce wurnt estimates. coming 06 a very difficult 2012 but free scale is up 31% this year. raising price target is 16 bucks from 12. and holy mackerel. >> yeah. what a gain on this one, right? fell 13% but core earnings improve. there you good, better than free scale. easily topping consensus. >> here is a company that i've never actually heard of. maybe our viewers have. have you heard of it? haemonics? >> i have not. they make machines to process blood systems. not sure what that means. but here is the news. they expect it to be at the low end of their previous guidance.

but again, opposite of free scale. down today but nef had a good year and are still up 229 -- >> i apologize. it is actually haemonetcis. >> whatever. >> anyway, we will welcome today a new edition to cnbc family. welcome josh lipton. hope you don't regret your move after only one day on the job. coming from another network. used to work for minionville.com before that and now you are on cnbc payroll. what is in your radar? >> thanks, mandy. credit suisse. upgrade outperforming seeing accelerator market expansion. raising price target to up to 24 bucks. also they did raise the price target to 41.50 from 41.

lennar a monster at 91% in the last year. >> back to you guys. >> all right, josh. ice tea lipton. new name on your first day. david, what are you up to? >> heat is turned on. hess corporation, yesterday in receipt of what is a strong activist and shares from elliott management. today finding out that aviation investors, is also adding its voice to shows share shoulders who want to see change at the company. in a letter sent to john hes, company's chairman of the and cc to all board members. it has 2 million shares of hess that began late in the summer and is voicing support for elliott in proxy fight for hess that has begun yesterday. elliott going after five seats there and putting up its own nominees. say going on to say it supports

that slate, ask that hess be involved in negotiations and settlement to seek if not all of the five nominees of el why the. annual meeting hasn't been set. should happen sometimes in late may. it goes on to say in this tlaert management's effort and shareholders money are best devoted to improving operations. where hess owns an enormous ramt of property but shaent been pro particular diproductive. pursuing asset sales and maximize valuation of its asset. representing.2 million shares, we would be disappoint fed the board adopted a defensive posture and forced a proxy contest. a $22 million market cap company that some feel underperformed many pierce. not to demand that the acreage that it owns and is worth a lot

more. that changed the last couple of days since the stock soared monday on news they would be get out of refining business and on news from elliott as we hauch hess shares. together, elliott on, what about, 22 million or so, 23 million shares. almost equal to the 10% chairman and ceo john hess. >> and they made a lot of business in the terminal business. david, breaking news on hess. thank you, david. coming up, a quick preview of facebook earnings. they are due out tonight. >> indeed they are. plus, it is time for you at home to take a bow for helping cnbc meet a huge milestone.

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coming up on the closing bell. stocks have been red-hot this month. commodities index not so much. will stocks continue to

outperform or is this an opportunity to cash in on commodities? we've got the trade, plus facebook getting set to report earnings. we will have instant analysis of all those numbers. with mortgage rates rising, did you miss the boat to refinance your home loan? both sides of that debate coming pup. but first, more "street signs." >> thanks, scott. first, facebook shares have been on a run. they are up 40% plus over the past three months. however, the company's earnings are out tonight. will they justify those kinds of gains? cnbc's julia boorstin is joining us now with what to expect from facebook after the bell. july gentleman? >> reporter: brian, expectations are high and pressure is on for facebook to accelerate growth and make money from the groer user base. they are moving on kpek tagss the company will earn 15% of share on revenue of $1.5 billionon pl but the real number to watch is mobile.

last quarter mobile comprised 14% of revenue. this quarter, they are looking for it to comprise 24% of advertising revenue. also watch facebook's overall user numberes. 1.60 billion monthly average use years and facebook is expected to use more this quarter than the prior one. investors will also look for insight into facebook's nonad business. facebook took a hit on zynga's game payment lines. they are going to about $225 mill yochb. how much of that category ends up growing does hinge on whether social game revenue can grow and whether facebook sees significant value from games business which just recently opened. they debuted a graph search. that happened a couple of weeks ago. well listen carefully for any

projections of how much money they hope to make from search down the line. thank you, julie. despite the fact it gained a little, at 38 bucks a share. herb is here. hallelujah. you going to shake it like a polaroid picture for us yb herb. >> digital cameras are tumbling but now headed in the direction of the polaroid. as i write a post on linkedin, best information regarding snapshot camera's devise comes from molex. >> this is what i really like about earnings calls because they give you information into end market sometimes. sometimes on earnings call last week, martin made it official, talking about his end markets, he said something he hasn't said before. that is the digital still camera market has finally gotten hammered by the smart market.

it has never as pronounced as it was during the fourth quarter bhap he is saying is born out by data from mpd retail. sales of point and shoot cameras fell 33% of the year, but 33% in the fourth quarter alone. for the digital slr market, still growing. for last year, up just 8%. >> i hate digital cameras. you know what? click, click, click, point and shoot. click, click, click. what happens to those photos? personally, i like to print them out and put them in an album. if there is a fire, i will take them with me out of the house. >> like my wife does. >> hado you have your childhood photos? >> no, i don't. >> i think you are high except at the high end.

we have pictures, kids, they run, it's blurry. you're right about the other part. we will have a landfill full of those small point and clicks. >> you don't need it any more. >> yeah, you don't. thanks, herb. at cnbc, now 1 million followers on twitter. congratulations, they have been working hard. since we can't think all of you individually, we are featuring twitter on air throughout the day. consider this, your 15 seconds of fame that andy warhol said everybody would get, probably won't. >> one of our viewers who is clearly a loyal fan just tweeted and said, dude, how tall are you? stand next to mindi again. >> mindi? who is mindi? >> i'm happy to do it. >> is it@mini cnbc. don't try it.

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boeing expressing cautious optimism about getting the dreamliner back in the air. phil lebeau joining us with this. why? what do they say that's making

them more optimistic? >> they are limited by what they can tell us. the ceo said, listen, if i could talk more in-depth i would, but we're restricted because there's a ntsb investigation going on right now. a couple of things stood out in terms of his comments. first of all, cautious optimism that they are making progress in terms of determination exactly what went wrong but also he said they are not changing the dreamliner production schedule. also he says that boeing has not told 787 suppliers to slow down their deliveries. in other words, they are continuing on their plan to ramp up production to ten per month by the end of the year. in terms of the investigation, he says that it is not impacting other boeing programs. in other words, the resources they are putting towards figuring out what went wrong with the two dreamliner batteries, that's not taking resources away from the 737 or other commercial airplane programs, and he says they expect no significant financial impact from the grounding of the dreamliners. >> we do believe that progress is being made in narrowing down

the potential cause of the events. we have assigned hundreds of experts from across boeing, brought in experts from outside and are working around the clock with the ntsb, jtsb and the faa to identify the problem and develop any corrective action that may be needed to get the airplanes safely back into the air. >> as you can imagine, questions about the dreamliner and its future dominated the conference call following fourth-quarter earnings which, by the way, boeing beat the street by a pretty handy margin and also posted revenue in line with estimates. guys, take a look at shares of boeing. the thing you want to look at here, the part where it goes up there, around 10:30. that's where jim mcinerney started talking on the conference call. no details about what they believe will happen in the near future, but you could sense from the tone they are not slowing down production and they are optimistic that they will get a solution. >> nothing like a stock chat until the story is told. let's bring in the senior research analyst at

cower & company. do you feel that boeing is being maybe too optimistic? >> i think we'll see. i think the issue is i'm not at all surprise that had they should be relatively close to understanding the root cause. if the faa deals with this the way they have dealt with other situations which would be to put in place an airworthy directiveness and procedures on how to operate the plane until they fix the battery, and i think that's feasible, that's possible, and then give boeing time to make the changes that would be required in the battery, you know, you could get everybody flying in a couple of weeks. if -- if the faa, you know, does things the way they have done it in the past. >> a guy named elan musk, founder of tesla, smart guy. >> right. >> wrote today that he believes the lithium batteries are fundamentally unstable. now, let's say he's right. how big of a deal would it be for boeing if it had to swap

ought all the lithium ion batteries and replace them with regular, more normal batteries? >> that would be a big deal because they would be heavier. i think the issue would be are they so unstable that the faa will not let the plane fly with, you know, some change in procedures to assure that the batteries would be safe. remember, you know, both these incidents happened either when the plane was on the ground or when it had just taken off. my understanding is that the battery doesn't really get into a situation where it's likely to short circuit once you're in mid-air flight. so if you can figure out why you're having this problem when it's on the ground or just taking off. >> okay. >> right. >> institute procedures, i think you'd be okay. >> got it. thank you very much. >> terrific. thank you. okay. you have heard of prince albert in a can. now can you check out prince charles in a tube. he took a ride on the london underground earlier on today.

what they call, of course, the tube, along with his wife camilla. the first time in a quarter century that the royal has ridden those rails. charles and camilla were commemorating the 150th anniversary of the london underground, the world's oldest subway system and runs like it as well. in the meantime, it is -- sorry. i should probably put it as a question. is it the dumbest or most genius product ever sold? you've got to be the judge next. [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on his portfolio. and with some planning and effort,

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well, today's things that make you go hmm. to china where the air quality has gone from very bad to worse. the pollution level in beijing is off the charts. visibility is down to 200 yards. it's cancelling flights and shutting down highways but one chinese millionaire has a solution for you. he is selling soft drink cans of fresh air. the cost is 80 cents per can. would you buy that? >> i think it's disgusting in beijing. they got to fix that. >> good luck with that. be sure to catch a very special edition of "street signs" tomorrow, guys. i'll be live from the td ameritrade conference in san diego. we have some can't-miss interviews lined up for you including none other than the ceo of td ameritrade and friend of "street signs" as well. >> good luck on the dreamliner flight out there. you'll be fine. see you in the skies. thanks for watching "street signs," everybody.

>> "closing bell" is next. >> hi, everybody. we enter the final stretch. welcome to "closing bell." i'm maria bartiromo at the new york stock exchange. remarkably this market shakes off the shocking news that the economy is actually shrinking, contracting today. >> and a shocker it was. i'm swcott wapner. i'm bill griffith. market isn't buying that we're headed towards a recession. the march to dow 14,000 only slightly interrupted as the fed assures wall street it's keeping -- it will keep priming the pump. >> and that's what we're seeing today. it is the sell the news story though for rim. the company announcing its latest phone that also will officially change its name to blackberry from research in motion. the stock though is down about 5% today. does this mean the blackberry won't be the savior? >> well, one hour from now all eyes will be on one place, and that is facebook. just the third time since that

ill-fated ipo that the company is going to report earnings. that stock continues to be on a tear. the latest numbers crucial to what happens next, and we will have those numbers for you, and, of course, our expert team of analysis right here first. >> let's get to this market. teflon market, as they say. the dow jones industrial average down but not by much. take a look. down about 21 points on the dow jones industrial average despite the contraction. the economy in the last quarter, 13,933, so close to that 14,000 mark, and an all-time high above 14,100. nasdaq composite looks like this, a fraction off there as well, but really a flat situation. very much a mixed story. 3149 last trade on the nasdaq. s&p 500 looks like. a decline on this session as well. again, got to call this a victory given the fact that this market has been on a tear in 2013. scott? >> still hanging out above 1500. a negative gdp number means a disaster day for stocks. not today. the dow right now, as maria said, not that far away. 60 or points so, 70 points away

from 14,000. >> let's get to today's closing bell exchange. ed batowski, nathan bachrach and our own rick santelli and steve liesman. rick, you've been very vocal about the gdp report. now the federal reserve points to it as it confirms it will keep current easing policies in place. is that a positive or a negative? >> well, i agree with them. the economy is still weak. i disagree that the medicine they want to continue to address the weakness is working. i continue to say that if you have structural issues and you apply cyclical-type band-aids you're going to end up with a lot of debt but not a lot of growth. if you look at the next couple of charts, this says it all, i think. we're all trying to dismiss this number. here's real, not nominal, real government consumption expenditures going back to '07 pre-crisis, and you can see that they really ramped up. now, if you go back